The big soccer countries Spain, France, Italy, England and Germany, all with big name players on huge salaries, failed to live up to expectations as they went out by the quarter-finals.
Smaller nations Greece, Czech Republic and hosts Portugal, along with the Netherlands, have made it to the semi-finals.
The players whose performances have lit up this tournament are not those such as David Beckham, Thierry Henry and Raul, whose faces adorn giant advertising hoardings across Europe.
Instead, lesser names such as Greece defender Yourkas Seitaridis, Czech striker Milan Baros and Dutch winger Arjen Robben have been the ones who have caught the eye.
No-one illustrates the triumph of the undervalued more than Czech Republic coach Karel Brueckner, a modest 64-year-old, who is reported to earn less in a year than England's Sven Goran Eriksson takes home in a week.
Brueckner has not coached in one of Europe's top leagues and his name is never mentioned on the frequent lists of candidates linked with the big club jobs but he has succeeded in producing the most impressive team of the tournament so far.
The Czech coach does have some highly-valued players in his team, including European Footballer of the Year Pavel Nedved, but he has ensured they are imbued with the team ethic.
Nedved grafts and looks as much a part of the unit as any of his team mates with no hint of the prima donna attitude that has characterised some of the other famous names in Euro 2004.
On a tactical level the Czech approach is not centred around Nedved in the way that Italy, for example, had planned to play everything through their playmaker Francesco Totti.
TOUGH APROACH
While the coaches of the traditional powerhouses were reluctant to respond to the disappointing displays of their leading players, Portugal boss Luiz Felipe Scolari has shown that a tougher approach can pay off.
Showing no fear of egos, he dropped captain Fernando Couto of Lazio after one match, has also left AC Milan midfielder Rui Costa out of the starting lineup and substituted Real Madrid's Luis Figo in the quarter-final against England.
The successful players at Euro 2004 have also embarrassed some of Europe's top clubs.
Two of Greece's impressive squad, central defender Traianos Dellas and midfielder Giorgos Karagounis, play in Italy's Serie A -- or rather they should do.
Inter midfielder Karagounis managed just eight league appearances last season while Dellas turned out on just 12 occasions and their coaches may now be wondering why.
Likewise, Liverpool fans will be asking why the tournament's current top scorer, Czech Milan Baros, has not been considered a leading talent at his club.
The triumph of the underrated, smaller nations and lesser-known players will give hope to the 36 European soccer nations who did not make it to this tournament.
If Latvia can qualify and perform respectably at the European Championship and the Greeks are able to battle through to the last four then the likes of Wales, Ukraine, Hungary and Ireland will feel there is hope for them yet.
More from rediff